Berger Paints India Limited (BSE:509480) agreed to acquire 95.53% stake in STP Limited for an enterprise value of INR 1.7 billion on October 15, 2019. The consideration is subject to closing adjustments on accounts of net working capital, net debt and adjustments on account of indemnities. Berger Paints will acquire 18.9 million shares and will pay consideration in cash. STP Limited had revenues of INR 1.7 billion for the year ending March 31, 2019. Transaction is not subject to any regulatory approval. The deal has been approved by Board of Directors of Berger Paints and is expected to close by November 30, 2019. Berger Paints India Limited completed the acquisition of 91.94% stake in STP Limited on November 1, 2019. STP Limited becomes subsidiary of Berger Paints India Limited from November 1, 2019. Arindam Sarkar, Gaurav Dasgupta and Shailendra Bhandare of Khaitan & Co. acted as a legal advisor and Deloitte Touche Tohmatsu India LLP acted as financial advisor to Berger Paints India Limited. Ernst & Young LLP acted as financial advisor and PDS Legal, Advocates & Solicitors acted as legal advisor to shareholder of STP Limited.